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that's the first hour. we're out down over 300 points. first time since august 2nd. here's the second hour of the "closing bell" with maria. see you tomorrow. it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. a sea of red on the day today. a decline of better than 300 points. we're ending at the lows of the afternoon. take a look how we're finishing today. a decline of 312 points. volume not bad, actually. picking up at the end of the day. 762 million shares traded here. nasdaq composite down 75 points, 2.5% haircut. part of it due to a big selloff in apple again. it was a lot more than just apple. 2937 the last trade on the nasdaq.
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s&p 500 gave up 33 points. hard hit across the board. this was a broad-based selloff today. a remarkably tough day for the markets today. now that the election is behind us, we now focus on the fate of the fiscal cliff. mike gibbs of raymond james says we get a compromise and this is the time to buy into weakness. nathan backrack of the financial network group is not as convinced. they are here along with david cass of matrixes a s es s ass and meg. gentlemen, lady, good to have you on the program. thank you so much. nathan, i kick it off with you. if we are heavy in stocks and depending on congress, you better buckle up. tell us why. >> well, because we're going to be all over the place right now. when i hear speaker boehner, who's just about 20 miles north of me, start to say all the things that are going to happen, it reminds me of my first sales manager who says, great, i'll wait to see it before i'm going believe it.
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right now, wall street has given a very clear message to president obama, which s oh, you think you know business, watch this. so now you're going to learn and you're going to learn real fast. a correspondence course is not going to help. we're going to be all over the place. my sense is until we get through with gridlock -- we had the federal reserve giving us all the money we needed. obviously markets like that. until we're convinced we're out of the woods with gridlock, i don't know where we can go. >> it's interesting. i think john boehner in that speech he made just a few minutes ago basically opened the door for higher taxes. this is part of the reason the mark sold off today. now we know the republicans are going to have to swallow it. they have been adamant about no new taxes, but this is where we are going. david, you say don't make any portfolio changes in light of the obama victory. what moves are you making today? no radical changes? >> we wouldn't be changing too much. the stocks that sold off today were some that were under the greatest pressure during the first administration. there's really no change. we don't think the market
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expected romney to win the election. this is business as usual. the market is now focusing on the fiscal cliff. the consequences of not figuring something out are so dire that the government, in spite of themselves, is going to figure something out. we think in terms of taxes, don't think anything draconian is going to happen. we think capital gains and dividend tax might go up to 20%, 25% at the highest. we just don't think it would with fly and wouldn't make sense. we would not be making any radical changes in the portfolio short of having, if you repositioned your portfolio for a romney victory. obviously, then, you want to undo some positions. >> just to state the facts, meg. you are dealing with, you know, high income clients at jpmorgan private bank. you're hearing concerns from them. 20 to 25% in dividends. the facts are if these guys do nothing about the fiscal cliff, dividend taxes could go to 43%. that's a huge difference from 15%. do you believe it could be 20 to
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25%? what's your take? >> clients are certainly concerned about this. they're asking a lot of questions about the dividend rate increase and also the ordinary income rates going up for higher earners. our take is it's a little too early to tell. you heard speaker boehner say there's a big tone of compromise coming out immediately post-election. right now what you're seeing in the market, i think, is where you hit the nail on the head earlier about uncertainty. it's the same song, next verse. what's the next big question that's going to keep people sidelined? >> so what do you want to do? do you want to sell dividend payers at this juncture or not? >> i wouldn't. the fed made it impossible to find yield in other place. this is about central banks as much as it is about the immediate aftermath of the elections in the near-term fiscal cliff. you have to keep your eye on what the central banks are doing. >> in other words, where are you going to put the money? >> exactly. >> mark, is this the time to guy into this selloff with the market down 312 points today? buying or selling? >> just to put this in
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perspective, the timeline we're working on is we're managing their money on a five-year duration. if you have a five-year time horizon to work with, i would think this is a kbiei ibuying opportunity. if you're looking to make a quick trade, there could be additional pullback throughout the rest of the year. i would be a buyer of this market. we do think with the obama administration still in place, we think that, you know, we're looking at a slower growth economy over the course of the next several years. we want to remain a bit defensive. we want to stick with high-yield bonds. we also want to stick with the high dividend paying stocks as well. capital has to chase yield. it's going to don't chase yield. if you can't get it from cds and can't get it from treasuries, you have to look at corporate bonds. you have to start looking at high-dividend paying stocks. we'd be buyers. >> so you're also buyers. is anybody on this panel thinking that dividend taxes go
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higher than 25%? >> i don't. >> good news. mega, you're in that camp? >> i think there's still a lot of uncertainty, but it's not the expectation they're going to climb tremendously high. >> good stuff, everybody. thank you so much. >> the bulls in full retreat today. we got bob looking at this market, which of course triple-digit decline. we ended at the lows. >> yeah -- no, not quite at the lows. 360 or so was the lows. listen, it's not a good day. volume on the heavy side. three or four very clear events marked the trading day. number one, about 7:15 eastern time, mario draghi says europe's weak and it's infecting germany now. that dropped s&p futures. going into the open, presidential election stocks around obama's policies had some notable weakness. we dropped and continued to drop past 10:00. about 10:50, apple hit the 20% decline. take a look at the s&p intraday.
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that's what i'm talking about on the futures. there's the draghi comments about 7:00. there's the market open. you can see it kept dropping. there's the apple drop. another drop. finally, we hit the bottom at the european close, exactly at 11:30. that suggests there was selling pressure coming from europe. take a look at the sectors affected by obama's policies. this makes sense. coal stocks, financial stocks, defense stocks, energy, and dividend paying stocks. that's the one on the bottom there. all on the weak side. the vix, maria, not particularly big move today. it would have gone well over 20 if there was real panic. a very orderly selloff. not a good day, but orderly selloff. >> all right, bob. thank you so much. one of my next guests says today could mark the beginning of the end of the major averages 60% gains since president obama took office. our debate about where the markets go from here in the next four years. later, how we rise above political ran kor to get our
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political house back in order. the former home depot head joins me. then, do americans hate rich people? wealthy politicians lost out in this election. robert frank will tell us what this means for our country and the american dream. keep it right here on "closing bell."
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welcome back. $300 billion in market cap lost today in the s&p. the market selling off a day after president obama won a second term. bertha coombs looks at which stocks could be most at risk over the next four years and which could benefit under the president. over to you, bertha. >> on the morning after, some of the worst-hit sectors are those which had seen a good run-up over the last few weeks. case in point, coal stocks. they got a boost after mitt romney's strong performance in the first debate. no surprise, financials, the worst sector in the s&p today. a second obama term likely will mean continued pressure for financial regulation, not to mention vocal wall street critic elizabeth warren being elected
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to the senate from massachusetts. health care insurers were the losers today as 2014 will come with new taxes for the sector. but hospitals surging because obamacare should cut uncompensated care. they standing to big losers if the fiscal cliff is not averted. that will be the big play here. so far, consumer discretionary, technology stocks have been the best performers, more than doubling, despite the sluggishness of the economy. all ten s&p sectors actually were positive over the last four years. more defensive sectors like consumer staples, health care, telecoms outperformed the overall gains. sometimes these defy conventi conventional wisdoms. health care climbed the wall of worry going into the obamacare.
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then the fundamentals got better because medical usage has been lower. you can't always tell what's going to happen here. >> absolutely. bertha, thanks so much. so would another four years of president obama be good for the markets? we have both sides of the debate right now. doug sandler says leadership would be positive for the markets but robert luna s disagrees. doug, you say the president will be good for the markets. why and how? >> we sure do. it has a little more to do than with just the president. in the end, money goes where it's treated best. there's no doubt, hands down, that money is treated better in the equity markets than in fixed income or cash. i'd say the re-election of president obama almost ensures the fact that there's going to be poor treatment for bond investors and for people who hold their money in cash. the administration is essentially the spot for zero
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essential policies. bonds are a bad place to be. they're likely to continue to be a bad place to be. i think equities will continue to be the place where money is treated better. >> robert, you argue another obama presidency is bad for the market. how? >> well, i think our other guest made the point for me. money goes where it's treated best. i think right now what we're facing is unprecedented tax increases. if you look at capital gains alone, we could be going up over 50%. we don't have any idea right now where dividend tax rates are going p going. you compare that to what's going on overseas. we're starting to see growth slow down. at the same time, we're facing these questions of what's going to be happening with tax rates. look at places like india right now. just take a case in point, food manufacturing business. if you want to start a manufacturing business in india right now, take your capital
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over there. five years interest free rate loans. take that over here and what's going on is pure rhetoric being spun out by the current administration. right now, i don't think speaker boehner helped the case. the market was starting to rebound a bit. he opened the door to further tax increases, and we saw the market finish near the lows. >> you make a good point. initially, when boehner was talking, the market wasn't moving. after he did speak, we did head toward the lows again. the low, as bob corrected me earlier, was actually 369. it's not at the lows where we ended. it definitely worsened after boehner spoke. go ahead, doug. >> i think it's going to take a significant tax increase to offset the differences between relative valuation between bonds and stocks. i don't think the president has any kind of -- has any idea of that kind of increase in mind. so the differential remains huge. i would add maybe the one thing that's changed a little bit is
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the u.s. has to take its tough medicine. tough medicine is we have to deal with issues like austerity and budgets and taxes. that's what europe has gone through the last three or four years. my guess is going forward this is the opportunity for europe to outshine the u.s. not that the u.s. will be a bad place to be, but incrementally, i think europe really looks good post-election. >> europe is going to outshine the u.s., huh? >> only because people are expecting such terrible things out of europe that when you expect terrible and you get, you know, so-so, that's an upside surprise any way you look at it. >> all right. we'll leave it there. gentlemen, thank you very much. we'll keep watching both those stories. let's get to john fort. he just spoke with the qualcomm ceo on the heels of their earnings report. let's find out what he has to say. john, over to you. >> maria, you already mentioned the headline numbers. i want to focus on guidance and a bit of color. that might change the way people are thinking about some elements of technology, and particularly
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the smart phone market. i want to talk about guidance. wall street was looking in the coming quarter -- i guess the current quarter now, for revenue of around $5.3 billion. non-gap eps of around $1. what qualcomm has guided to is $5.85 billion and $1.12. so significantly above. part of that driven by an expected 11 to 23% increase in device shipments, devices that have qualcomm chips. one of the things that paul jacobs told me is that a lot of the supply issues that they've been seeing for much of the year are clearing up. he said those would clear up by the end of december. they're not completely cleared up, but this guidance indicates that he expects that to happen soon. also, this isn't factoring in potential from tablet sales. so -- and their expected gdp is lower than before. >> all right, john. thanks so much. >> i just want to clarify, lower than consensus.
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they are being conservative. >> thank you so much, john. up next, he's willing to negotiate. house speaker john boehner saying republicans are open to accepting new revenue under the right conditions. we'll get reaction from our market gurus. later, i'll sit down with the former head of home depot. talk about fixing the fiscal cliff, the economy, housing, and more. we'll talk about his old job and how he's putting money to work. then rich americans running for office get hosed in the election last night. our wealth editor rabt frank coming up on growing class warfare in the country. back in a moment. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use, it's the ultimate combination of speed, small size, and low-cost printing.
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at e-trade. welcome back. earlier on this program, house speaker john boehner spoke about the looming fiscal cliff. he set the parameters for a deal. >> the purposes of forging a bipartisan agreement that begins to solve the problem, we're willing to accept new revenue under the right conditions. what matters is where the increased revenue comes from and what type of reform comes with it. >> so it's pretty clear he wants tax reform as well as spending cuts. bob and rick join us with their reaction. the market had such a negative reaction to it. rick santelli, right after john boehner spoke, the market did worsen from where it was.
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initially, we were remarking here, bill and i, that we didn't see an impact. in fact, we ended down 312. there definitely was an impact on the heels of john boehner. what's your take? >> well, my take is i think the market is still trying to flush itself from the positions that were put on prior to the election results. as far as mr. boehner, i think the crack in the door is open. but once again, i think, you know, my own opinion, until these talks are peppered with some from the house, some from the senate, some from the white house in a room that goes from a dark room to a front room maybe on c-span, all out in the open, until we see that kind of discussion, that kind of roll-up-your sleeves working together, it wouldn't surprise me the market isn't going to have big movement just because the door is open a crack. it's been a long time. it is nonetheless a crack. i think we can go from there. i think there needs to be more openness top the entire process. >> i agree. i'm encouraged by representative
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boehner's comments. we're willing to accept new revenue under the right conditions. what more can he say? that's as much of an offering as you could expect him to make n under the circumstances. there's obviously going to be deal killers here. i heard all sorts of cynical comments saying this is posturing. i don't think so. i know he's drawn the lines on sma tax increases on small businesses. first, let's agree to sit down in the room and talk about things. i was encouraged by his comments. >> what's the betting on the street, bob? are people expecting the dividend taxes to go all the way to 43%? you think they'll come to an agreement around 20, 25%? >> no way. there's no chance -- there's nobody down here who believes that's going to happen. there's plenty of cynics down here who don't like obama or his policies. 25% is where i heard at the upper level.
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even 20%. that's where i think it's going to end up. you could make this deal on the back of a napkin. 43% would kill all sorts of investments. i'd freak out about that. >> wouldn't it be nice if you could do a deal on the back of a napkin, bob? we would have seen some co compromi compromise. >> you said it before. we can all see where the outlines of a reasonable deal are. yet, it's very hard to actually get there. >> yeah, rick santelli, what's next? what do we watch for? >> well, i'll tell you what, i'd find it fascinating as we look towards germany. let's not lose sight of the market reality. our s&p is at the lowest level since the first week in august. the dax, which is up bigger than the s&p, bigger than the dow, bigger than the nasdaq, is like as a week and a half low. i think that we need to keep perspective what's going on in europe. i understand the contagion of
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the german economy. >> all right. we'll leave it there. thanks, guys. still ahead on this wednesday edition, rising above. former chrysler and home dee toe ceo joins me to talk about what our government needs to do to avoid that looming fiscal cliff. then, money matters. why did most of last night's wealthy candidates lose their races? is it a sign class warfare is on the rise? we'll get answers straight ahead. what makes the sleep number store different? you walk into a conventional mattress store, it's really not about you.
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welcome back. moments ago, house speaker john boehner laid out the challenges they face. notice the term he used, rise above. listen to this. >> we want you to succeed. let's challenge ourselves to find the common ground that has eluded us. let's rise above the dysfunction and do the right thing together for our country. >> my next guest knows what it's like to deal with challenges and make compromises, having led home depot as well as chrysler and a long-time executive at general electric. what is it going to take for washington to rise above the fray and make decisions that move this country forward? joining me now in a cnpc
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exclusive is bob nardelli. bob, great to see you. >> thank you very much. great to be here. >> thank you for joining us today. you have such fantastic business experience. really, one of the very, very great wisdoms to give us a sense of where we are right now in the economy. let me get your thoughts on the outcome of the election and how both parties now begin the work, rise above this political bickering that has been going on for so long. >> you nail it this morning with joe and everybody about the new buttons and rise above. speaker boehner, i thought, you know, was right on target also. the election is over. regardless of whether you feel your candidate won or not, we've got a re-elected president. we've got to come together and really address these issues, maria. i think in a meaningful way. again, my perspective will be always from a businessman's point of view. so stop the rhetoric.
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let's get very strategic. let's get actionable plans. come together on job creation, come together on energy independence. let's resolve the bickering and the fighting that we've had in this polarization. i think president obama's comment last night about we are the united states, you know. we're not red states or blue states. it could never be more true and relevant going forward. >> do you think they'll be able to do it? we haven't seen the president able to bring the two sides together. there's been so much bickering. what is it going to take to get them to agree on things? for example, they're very adamant. the republicans do not want higher taxes. although, john boehner left the door open there a few minutes ago. the president will not allow these taxes to be extended for anyone making more than $200,000 and families, $250,000. you think they're just going to see the light? >> i don't think there will be a revelation, but there has to be a compromise. there's been such polarization. again, i would come at it from a
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businessman's point of view. you know, my experience at home depot, when we wanted to raise revenue, which we were able to double the size of the business in a little bit of over five years, you've got two paths. you can increase price and price yourself out. if i draw the analogy to taxes. or you could open 1,000 new stores, add 100,000 new jobs, double the size of the business, increase your revenue. it's much more sustainable. it has more positive certainty for the economy and the people here. i mean, you were commenting all day the reaction in the marketplace certainly raises concern and pause for what are we going to do economically going forward? >> i want to talk to you about jobs. that's probably one of the biggest issues this country faces, but also about taxes. are you expecting, for example, private equity taxes, the carried interest to go away? are you expecting taxes to go higher on capital gains, on dividends? >> i heard some of your other
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guests talk about dividends. you know, is it going to be 20 or 40? i don't think it's going to be either one. i mean, we're going to have to find some middle ground that compromises. we can't have four more years of what's happened in the last two years for sure. otherwise, we will continue to be on this debt spiral. i think the certainty of uncertainty now has certainty. we have a new president. we're going to have to come together as a united states. we're going to have to bring, you know -- the administration's going to have to reach out to the business community in a more meaningful way. reach across the aisle to the business council, the round table, the chamber, the g-100, the ceo magazine. you're very familiar with all of those. i think we have to pull them in on job creation. we need a cabinet -- i always like to use the expression, we need people bigger than the job. that's the only way we're going to get the kind of growth and the kind of initiatives that are critical for our future in this country. >> so should private equity sort of hunker down now, expecting
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taxes to go up? >> i don't think so. >> no? >> i would speak for myself on my new company. i'm seeing a lot of opportunities out there. i'm seeing privately held family companies that want to monetize. they're concerned now about, you know, putting some money in their pocket. i see distressed companies. i see large companies, you know, that are in play today from 500 million to 50 billion. i've seen a lot of activity out there. i don't think people are hunkering down. i think investors, you know, the lps maybe are becoming a little more discerning on being more involved in decisions versus doubling down. i'm really encouraged with the private equity markets. >> and you've had such great experience in so many sectors. let's talk about job creation. you mentioned energy. is that the best place right now for job creation opportunities? where do you think the low-hanging fruit is in terms of jobs? >> i believe in energy for a couple reasons.
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one, i think it can create a plethora of jobs if we make the right decisions. we have to make sure the department of energy is making more decisions than the epa. we got to make sure that we're serious about energy independence. it's no one particular. it's not gas. it's not oil. it's not hydro. >> it's everything. >> we got to bring everything together, even renewables. but i'm convinced, maria, i've seen this before, that if we really focus on energy independence, we will create jobs. if we have low-cost energy globally, manufacturing jobs will flock back to the united states. from my experience at the auto -- you know, labor was only about 10 to 12%. the bigger cost of putting an automobile together is the energy cost in steel, the energy cost that you have p in your paint booths and so on and so forth. so again, if you want to attract good, high-paying jobs, we need low-cost energy. and think about the money we spend globally to protect the
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ability to get energy here or various fuels here that we -- if we could produce it ourselves, which i know we can. the fracking is doing well in gas and oil. you know, if we get regeneration of coal, clean coal, coal gasification, maybe expand hydro opportunities and get energy independence, create jobs, it really puts a competitor among the globe. >> but this is one of those areas where business and government should be working together. i mean, you need the policies in place in order to get the drilling permits. you need a policy in place in order to make natural gas important and usable since we're so rich in natural gas. will we get there? do you think this administration will put the policies in place to allow business in the energy industry to flourish? >> we have to. i mean, what's the alternative? you know, failure -- failure is not an alternati persalternativ.
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i know some of my fellow ceos will krcringe on this, but you ought to reach out to chevron, people who know this industry and are respected and could bring this together in a meaningful way. >> you think the president will do that? a lot of people wonder if there's an ideology he just doesn't want to do that, he thinks there are tax credits that the energy companies get. you know, so that's the issue. >> well, some of those might have to be addressed. just like we're talking about revenue and taxes and trying to find -- some of those might have to be addressed. again, we've got to come together. you look at what's happening in china. they have a singular focus. they have one strategic direction as opposed to this polarization. they're watching us bicker. it's kind of like we/they. when i was running a corporation, we are here and they is the enemy. right now we have we/they are reds and blues. we/they have to become us and focus on how do we re-establish
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the yiet united states as a competitor among nations. >> in terms of the auto industry, obviously it's been one of the feathers in the president's cap. he talked about the bailout of the auto industry has being one of his successes. should we believe the headlines that things are back, that things are strong once again from where we were? what's your take? >> you and i talk. when i said i was going to go through bankruptcy in 30 days, you had a little doubt in your mind. >> i did. i said 30 days, how do you do that? >> but we did. >> you did? >> it's kind of ironic. chrysler is now bailing fiat out. if you look at the earnings of those two companies. but i do think they made absolutely the right decision, you know, with housing and the downward spiral. if we lost the auto industry and it has about a 10 to 1 ratio of ten jobs to support every one job in the auto industry, it would have been devastating.
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i think that decision was right. you know, are we roaring back? no. we got down to 9 million seasonally adjusted rate. we're looking at 13 to 14 million now. not at 17 million. i'm encouraged with the auto industry. beth on the cost effectiveness, the efficiency of the automobile, the reliability, durability. i'm really encouraged with that as a real job creator and an economic builder. >> i know you travel around the world. how is china doing right now? is it in slowdown mode? >> i think it's not -- it's all relative, right? they're upset about 7%, 8% gdp. we're pushing 1.2 to 2. has it slowed down from double digit? yeah. but they're still focused and robust. they kind of are where we were. if you think about post-world war ii, depression, people in the united states came together in a meaningful way. i still think we have the best work force in the world. people want to work.
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there's nothing more dignifying than to help someone get a job, particularly our brave men and women that are coming home that have defended this country that allow us to have this free democracy. so job creation to me is right at the heart of getting us back on track. energy independence. those are two huge initiatives. if i was in the administration, every morning after the national security briefing, i'd say, okay, how many jobs did we create yesterday, and how many are we going to create today? i would take a vertical priority list and turn it horizontal, have people bigger than the job in each of those cabinet positions and manage it like a business. >> great stuff, bob. great to have you on the program. thanks very much. >> thank you very much. >> bob nardelli with us here. still ahead, a matter of class. odds are if you are wealthy and running for office yesterday, well, you lost. could last night's election results be more of an indication that class warfare is on the rise? plus, if you want to be on
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boproductivity up, costs down, thtime to market reduced... those are good things. upstairs, they will see fantasy. not fantasy... logistics. ups came in, analyzed our supply chain, inventory systems... ups? ups. not fantasy? who would have thought? i did. we did, bob. we did. got it. welcome back. wealthy candidates spent millions of their own money trying to punch their ticket in washington, but in nearly every case that money was not well spent.
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wealth editor robert frank looks at if that's another troubling sign of class warfare. >> more than a dozen wealthy candidates funded their own campaigns in this election. all but a few of them lost yesterday. we'll start with linda mcmahon. mcmahon the pro wrestling queen in connecticut. she spent more than $40 million on her senate race. that's $100 million in her last two races combined. she lost to linda mcmurphy, who attacked her for her yacht and bentleys. then there was tom smith in pennsylvania. he didn't go to washington even though he spent $17 million trying. then there was joe kors in colorado. he certainly had name recognition. he's from the coors beer family. his money wasn't enough to unseat the incumbent there. do voters just dislike the wealthy? that's one theory. the 2010 elections saw most rich candidates fail. the other theory is that these candidates just are not
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electable. wealthy or not. money can do a lot of things, but apparently it can't guarantee you a seat in the senate. maria. >> that's really extraordinary. i guess, you know, the question is, was it a waste of money for these guys? apparently it was. >> a lot of people will ask, you know, what else could linda mcman have done with that $100 million? she could have done a lot of things. i think they would say they probably impacted the debate, discussion. who knows whether they could have won or lost. if you ask them, it was probably money well spent. although, they're not feeling very good today. >> right. just to get their voice in the conversation. >> exactly. >> robert, thanks so much. so do americans really hate rich people or did they simply vote for the best candidates? john tillman is ceo of the illinois policy institute. john says the president did a good job of vilifying romney for being rich. rich benjamin is senior fellow and fellow coordinator at demos. rich says a resume is not an agenda and romney didn't have
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one. good to see you guys. rich, did the president intentionally use class warfare as a strategy? >> maria, it was not class warfare. what he did was doggedly point out what mitt romney did at bain and mitt romney's policies for the middle class. he opposed the auto bailout. he opposes more equitable tax policy where millionaires and billionaires would pay their fair share. >> let's not start with the talking points. let's have a conversation here. talking points is not anything anyone has interest in. john, was it a mistake for romney to use his credential? >> i don't think that was a mistake. i think he made a mistake in how he sold it. people become wealthy in this country, we used to champion them. today we vilify them. despite what your other guest said, the president was certainly part of the 1% vilification. the way a person becomes wealthy
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in america is having an entrepreneurial dream and serving other people well. if you serve customers well in america, you can become wealthy. we used to think that was a good thing during this election cycle with a president leading the way it was vilified. it's outrageous and should stop. >> the vilifying really has to stop already. there's an american dream and an aspirational issue here. you know, people want to climb the ladder and do well. when you say things like, you know, rich people don't pay their fair share, it gets my back up. i know the tax rates. i know what people pay and don't pay. that's an umbrella statement. it's not true. so let's keep the talking points aside. let's have a real conversation. >> of course it's an aspirational country. that's precisely the point. obama has aspirations for people. mitt romney did more than the president could have done in vilifying himself to ordinary voters. i mean, you can't help the fact that mitt romney said i like firing people. you can't help the fact that mitt romney said 47% of this
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country is lazy and dependent. so when we talk about aspiration, when we talk about people's dreams, people don't want to be brushed off and dismissed as lazy and dependent. it's not about what the president did. it's about what linda mcmahon and mitt romney feel about the minimum wage. what they feel about the auto bailout. on and on and on. we can list a lot of policies that are more favorable in the president's corner than in romney or mcmahon's corner. that has more to do tan what these people's net worth it. >> definitely some mistakes being said. that did hurt people, isn't that right? >> maria, bottom line on this is the top 1% who have been vilified earn 17% of the income. they pay 37% of the taxes. they're paying more than their fair share. the thing that's dangerous aside from politics, this country was built on the aspiration of dreamers who succeeded. when you start to vilify people
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who've actually succeeded, you crush those people and the very desire to dream among those in the working class and the poor who want to become the wealthy of tomorrow. that is the history of this country and how it was built. that's why the vilification should stop. we would never tolerate this against the 1% at the bottom. we should certainly not tolerate it against the 1% at the top. we should treat all people fairly and equally in terms of their aspirations. >> how did they succeed, though? it's policies that help them. they don't do this in a vacuum by statements by mcmahon and romney that vilify them. dreaming and succeeding is all well and good, but there's a concrete way people do so. >> all right. john, rich, thanks for joining us. we'll continue the conversation. we appreciate your time tonight. a couple key readings on the economy could move your money first thing tomorrow morning. three of wall street's top money pros will tell you what's on deck and how they're playing that. that's next. stay with us. ♪
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welcome back. now that the presidential election is finally behind us, is it time for investors to turn their attention back to fundamentals? our next guests are here to talk about what will move the markets tomorrow morning. gentlemen, good to have you on the program, thank you for joining us. >> thank you. >> 30 seconds on the clock what do you want to look at tomorrow's market? >> an increase in jobless claims, slight deterioration on the labor front and expecting, since we had a small decrease in the price of oil recently for the trade deficit to be reduced slightly. >> okay. we will be watching that. kevin, you're up, 30 seconds on the clock what do you want to look at tomorrow? >> i'm going to go for a reduction in jobless claims because we had one of the most populace parts of the country essentially shut in last week. number two, you're going to be looking at europe, european central bank is meeting, no policy change expected, but
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always paying attention to what happens out of the central banks. and number three, we are going to be seeing a once in a decade change in leadership in china tomorrow. so, that will be interesting to see anything coming out of china on the heels of that. >> all right. we will leave it there. and last but not least, ed, you are up. 30 seconds on the clock what do you want to look at tomorrow? >> a rebound, maria. typically after a democrat gets voted into presidency you the next day is a bad day, but of course, by the end of his term, the markets tend to outperform. so we think the markets oversold. this is a buying opportunity. you know, ben bernanke's commitment to the keeping interest rates low has helped corporations clean up their balance sheets. you know this week alone, we saw billions of dollars of trust preferred stocks get called in. they are going to be reissued with lower interest rates and that's going to help corporate america for years come. >> we will leave it there. thanks, gentlemen. >> thank you. >> good to talk with you all document think this market rebounds from 3900-point selloff? anybody? >> i do think we are going to have a good day tomorrow. i think once the german --
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excuse me, the greek voe vote comes through, i think if it comes through, you're going to see a bounce and i think some bargain hunting out there. i think there wasn't any action today that i see warranted 300 points down. i think the market's going to have a good day tomorrow. >> we will be watching. thanks, guys, see you soon. we appreciate your time tonight. my thoughts next on rising above partisan politics to fix the fiscal cliff and get the economy on solid ground once again. stick around. be back in a moment with more closing bell. .. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account.
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finally tonight, my observation on clarity and compromise. we got clarity last night but we don't know if we will get compromise from anyone just yet it is now up to our elected officials, new to washington or otherwise, to be productive and work together to get the country back on the growth track it should be on. and it's up to all of us to make sure they rise above the petty partisan politics and get it done. we are all painfully aware of the issues at hand. first and foremost, the fiscal cliff. without fast action from congress and the president, we will have reckless spending cuts and tax increases for 90% of the country. then there's the $16 trillion debt and the $1 trillion in deficits every year. the up employment situation gravely demonstrates the need for economic growth and global
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competitiveness. one of the pieces of the puzzle is now in place and it is an important one that is clarity. president obama was re-elected. we keep -- kept hearing nothing could get done until this election was done. well, it is done. and now it's time to put the politics aside and make policy the priority to ensure we are all playing on team america. the only way to do that is to come together. we have a huge opportunity. the corporate sector is strong. we know that. there are estimates of $3.5 trillion in cash on corporate balance sheets right now that money can get begin to go to work once the differences over tax and spending is in the books and histly. that much money will surely gift economy a boost, especially if leads to a spurt of hiring. now we need to see the leadership make it happen. leadership often means comp prom my giving up something to get something. our leaders have an opportunity to create a clear path, that means decisions on the fiscal cliff, where will tax rates be in 2013? where will government spending
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be deployed and where will it be cut? in his victory speech earthquake the president said we had much to do and look forward to he said we are not as partisan as the campaign made it seem. now he has to prove it and so do the republicans a little more than an hour ago on this show, gop house speaker john boehner laid out the parameters for a deal, tax reform for more revenues but the devil, of course is in the details and both sides will have to bend. as anyone on wall street will tell you can the best deals are the ones where both sides are a little something to be a little unhappy about. it is pastime to rise above the politics and lead. america will be watching. before we go, take a look at the day on wall street. it was a tough one actually, the dow jones industrial average ended down 312 points on the worry over increased taxes, worry over europe and, of course what comes next with president obama in the white house in terms of the regulatory environment. the market did close off of the worst levels it had been down 369 at its worst but still, we

Closing Bell With Maria Bartiromo
CNBC November 7, 2012 4:00pm-5:00pm EST

News/Business. Maria Bartiromo. Analysis of the day's winners and losers in the stock market. New.

TOPIC FREQUENCY Us 18, John Boehner 8, S&p 8, Europe 8, Boehner 7, Bob 6, America 6, U.s. 4, Obama 4, United States 4, Schwab 4, Washington 4, China 4, Chrysler 3, John 3, Rick Santelli 2, Robert Frank 2, Linda Mcmahon 2, Qualcomm 2, Doug 2
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on 11/7/2012